According to a recent report by Chainalysis, the cryptocurrency market in South Korea is showing growth, mainly driven by the rise in the Korea Premium Index. The report highlights that the country's local demand, institutional trading, and unique market conditions are causing crypto prices on local exchanges to exceed the global average. The Korea Premium Index measures the spread between cryptocurrencies such as BTC, ETH, and counterfeit products between Korean exchanges and the global market.
The Chainalysis report noted that the index rose sharply, which can be seen in "the extent to which Korean traders are paying above market prices for digital assets." The premium is at an all-time high during times of market uncertainty and turbulence, prompting both retail and institutional investors to seize opportunities for potential gains. The report further highlighted that "Koreans often use local exchanges" for fund management, and the amount transferred from local exchanges to global exchanges is "highly correlated" with the premium.
Chainalysis Report: Rising Premium Index Drives South Korean Crypto Market Growth
2024-09-18 00:11:33
According to chainalysis recently a report south Korea crypto currencydesk3cryptocurrencydesktopCrypto News
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